2026-05-20LMA2800_ClearBridgeValueFund_ClassA



ClearBridge Value Fund
Class A [LGVAX]	Semi-Annual Shareholder Report \| April 30, 2026

This semi-annual shareholder report contains important information about ClearBridge Value Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 877-6LM-FUND/656-3863.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$54	1.02%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Value Fund
Class C [LMVTX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$90	1.71%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Value Fund
Class FI [LMVFX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class FI	$59	1.11%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Value Fund
Class R [LMVRX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R	$70	1.32%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Value Fund
Class I [LMNVX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class I	$40	0.76%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)



ClearBridge Value Fund
Class IS [CBVBX]	Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class IS	$35	0.67%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,170,471,763
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

Schedule of Investments (unaudited)

April 30, 2026

ClearBridge Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value
Common Stocks — 99.4%
Communication Services — 7.8%
Entertainment — 2.1%
Walt Disney Co.	830,000	$86,112,500
Interactive Media & Services — 5.7%
Alphabet Inc., Class A Shares	620,000	238,576,000

Total Communication Services		324,688,500
Consumer Discretionary — 5.2%
Broadline Retail — 2.8%
Amazon.com Inc.	440,000	116,626,400 *
Distributors — 1.0%
Genuine Parts Co.	400,000	42,892,000
Specialty Retail — 1.4%
Murphy USA Inc.	100,000	58,800,000

Total Consumer Discretionary		218,318,400
Consumer Staples — 4.4%
Beverages — 2.0%
Celsius Holdings Inc.	1,100,000	36,927,000 *
Keurig Dr Pepper Inc.	1,600,000	47,040,000
Total Beverages		83,967,000
Consumer Staples Distribution & Retail — 0.9%
Performance Food Group Co.	425,000	38,488,000 *
Food Products — 1.5%
Nestle SA, ADR	600,000	60,888,000

Total Consumer Staples		183,343,000
Energy — 11.9%
Energy Equipment & Services — 2.1%
SLB Ltd.	1,500,000	85,320,000
Oil, Gas & Consumable Fuels — 9.8%
Chevron Corp.	600,000	115,986,000
ConocoPhillips	825,000	103,768,500
Diamondback Energy Inc.	100,000	20,563,000
Energy Transfer LP	3,500,000	70,665,000
EQT Corp.	1,000,000	60,080,000
Kinetik Holdings Inc.	750,000	37,905,000
Total Oil, Gas & Consumable Fuels		408,967,500

Total Energy		494,287,500
Financials — 21.6%
Banks — 7.2%
Bank of America Corp.	2,700,000	144,342,000

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

April 30, 2026

ClearBridge Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Banks — continued
Fifth Third Bancorp	1,400,000	$71,064,000
First Horizon Corp.	2,500,000	62,400,000
Webster Financial Corp.	300,000	21,708,000
Total Banks		299,514,000
Capital Markets — 4.7%
Blackstone Inc.	350,000	43,953,000
Charles Schwab Corp.	750,000	68,730,000
Intercontinental Exchange Inc.	400,000	63,236,000
Rice Acquisition Corp. 3 Units	2,000,000	20,990,000 *
Total Capital Markets		196,909,000
Consumer Finance — 2.2%
Capital One Financial Corp.	285,000	54,520,500
OneMain Holdings Inc.	625,000	36,731,250
Total Consumer Finance		91,251,750
Financial Services — 5.2%
Block Inc.	1,000,000	70,510,000 *
Corebridge Financial Inc.	2,450,000	67,473,000
Global Payments Inc.	625,000	44,975,000
MGIC Investment Corp.	1,400,000	37,072,000
Total Financial Services		220,030,000
Insurance — 2.3%
Fairfax Financial Holdings Ltd., OTC US Market	28,968	50,035,268
Fairfax Financial Holdings Ltd., Toronto Stock Exchange	11,032	19,091,244
Ryan Specialty Holdings Inc.	750,000	26,077,500
Total Insurance		95,204,012

Total Financials		902,908,762
Health Care — 15.8%
Biotechnology — 4.1%
Alnylam Pharmaceuticals Inc.	125,000	38,686,250 *
Argenx SE, ADR	75,000	58,629,000 *
Gilead Sciences Inc.	570,000	74,578,800
Total Biotechnology		171,894,050
Health Care Equipment & Supplies — 1.1%
Boston Scientific Corp.	800,000	46,088,000 *
Health Care Providers & Services — 4.4%
CVS Health Corp.	1,075,000	89,536,750
UnitedHealth Group Inc.	250,000	92,620,000
Total Health Care Providers & Services		182,156,750
Life Sciences Tools & Services — 1.0%
Thermo Fisher Scientific Inc.	90,000	43,106,400

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

ClearBridge Value Fund

(Percentages shown based on Fund net assets)

Security	Shares	Value

Pharmaceuticals — 5.2%
Elanco Animal Health Inc.	2,000,000	$44,740,000 *
Eli Lilly & Co.	47,000	43,926,200
Johnson & Johnson	550,000	126,417,500
Total Pharmaceuticals		215,083,700

Total Health Care		658,328,900
Industrials — 13.0%
Air Freight & Logistics — 1.6%
GXO Logistics Inc.	1,200,000	68,556,000 *
Building Products — 1.7%
Johnson Controls International PLC	500,000	73,015,000
Commercial Services & Supplies — 1.5%
Clean Harbors Inc.	200,000	62,536,000 *
Electrical Equipment — 1.0%
Contemporary Amperex Technology Co. Ltd., Class H Shares	525,000	41,493,909 (a)
Ground Transportation — 2.8%
Canadian Pacific Kansas City Ltd.	750,000	65,220,000
TFI International Inc.	350,000	50,113,000
Total Ground Transportation		115,333,000
Industrial Conglomerates — 1.5%
Siemens AG, Registered Shares	215,000	63,889,652 (a)
Trading Companies & Distributors — 2.9%
Marubeni Corp.	1,500,000	58,381,649 (a)
WESCO International Inc.	175,000	61,096,000
Total Trading Companies & Distributors		119,477,649

Total Industrials		544,301,210
Information Technology — 7.0%
IT Services — 0.3%
Globant SA	300,000	12,369,000 *
Semiconductors & Semiconductor Equipment — 6.7%
Broadcom Inc.	100,000	41,743,000
Microchip Technology Inc.	550,000	51,100,500
Micron Technology Inc.	250,000	129,290,000
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	140,000	55,448,400
Total Semiconductors & Semiconductor Equipment		277,581,900

Total Information Technology		289,950,900
Materials — 7.9%
Chemicals — 3.5%
Corteva Inc.	850,000	68,858,500
Eastman Chemical Co.	600,000	43,854,000

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Schedule of Investments (unaudited) (cont’d)

April 30, 2026

ClearBridge Value Fund

(Percentages shown based on Fund net assets)

Security		Shares	Value

Chemicals — continued
International Flavors & Fragrances Inc.		500,000	$35,100,000
Total Chemicals			147,812,500
Metals & Mining — 4.4%
Freeport-McMoRan Inc.		900,000	52,002,000
Newmont Corp.		650,000	72,208,500
Teck Resources Ltd., Class B Shares		1,000,000	58,430,000
Total Metals & Mining			182,640,500

Total Materials			330,453,000
Real Estate — 0.7%
Residential REITs — 0.7%
American Homes 4 Rent, Class A Shares		900,000	28,656,000

Utilities — 4.1%
Electric Utilities — 1.5%
PPL Corp.		1,700,000	63,648,000
Independent Power and Renewable Electricity Producers — 2.6%
Talen Energy Corp.		175,000	65,173,500 *
Vistra Corp.		260,000	41,038,400
Total Independent Power and Renewable Electricity Producers			106,211,900

Total Utilities			169,859,900
Total Investments before Short-Term Investments (Cost — $2,916,998,374)			4,145,096,072
	Rate
Short-Term Investments — 0.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class	3.497%	15,930,672	15,930,672 (b)
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	3.565%	15,930,672	15,930,672 (b)(c)

Total Short-Term Investments (Cost — $31,861,344)			31,861,344
Total Investments — 100.2% (Cost — $2,948,859,718)			4,176,957,416
Liabilities in Excess of Other Assets — (0.2)%			(6,485,653 )
Total Net Assets — 100.0%			$4,170,471,763

*	Non-income producing security.
(a)	Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(b)	Rate shown is one-day yield as of the end of the reporting period.
(c)	In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At April 30, 2026, the total market value of investments in Affiliated Companies was $15,930,672 and the cost was $15,930,672 (Note 8).

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

April 30, 2026

Assets:
Investments in unaffiliated securities, at value (Cost — $2,932,929,046)	$4,161,026,744
Investments in affiliated securities, at value (Cost — $15,930,672)	15,930,672
Foreign currency, at value (Cost — $15)	15
Cash	16
Receivable for securities sold	15,405,245
Dividends receivable from unaffiliated investments	5,809,645
European Union tax reclaims receivable (Note 1)	1,620,353
Receivable for Fund shares sold	548,121
Dividends receivable from affiliated investments	40,876
Other assets	115,796
Prepaid expenses	74,870
Total Assets	4,200,572,353
Liabilities:
Payable for securities purchased	23,591,820
Investment management fee payable	2,106,573
Payable for Fund shares repurchased	1,950,890
Service and/or distribution fees payable	744,326
European Union tax reclaim contingent fees payable (Note 1)	444,494
Trustees’ fees payable	157,252
Accrued expenses	1,105,235
Total Liabilities	30,100,590
Total Net Assets	$4,170,471,763
Net Assets:
Par value (Note 7)	$390
Paid-in capital in excess of par value	2,842,663,309
Total distributable earnings (loss)	1,327,808,064
Total Net Assets	$4,170,471,763

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Net Assets:
Class A	$3,577,102,842
Class C	$42,319,451
Class FI	$9,409,086
Class R	$4,556,388
Class I	$490,375,950
Class IS	$46,708,046
Shares Outstanding:
Class A	34,575,506
Class C	424,307
Class FI	71,217
Class R	35,118
Class I	3,511,762
Class IS	334,481
Net Asset Value:
Class A (and redemption price)	$103.46
Class C*	$99.74
Class FI (and redemption price)	$132.12
Class R (and redemption price)	$129.75
Class I (and redemption price)	$139.64
Class IS (and redemption price)	$139.64
Maximum Public Offering Price Per Share:
Class A (based on maximum initial sales charge of 5.50%)	$109.48

*	Redemption price per share is NAV of Class C shares reduced by a 0.95% CDSC if shares are redeemed within one year from purchase payment (Note 2).

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2026

Investment Income:
Dividends from unaffiliated investments	$32,847,633
Dividends from affiliated investments	339,095
European Union tax reclaims (Note 1)	556,309
Less: Foreign taxes withheld	(883,654 )
Total Investment Income	32,859,383
Expenses:
Investment management fee (Note 2)	12,583,914
Service and/or distribution fees (Notes 2 and 5)	4,438,873
Transfer agent fees (Notes 2 and 5)	1,991,649
European Union tax reclaim contingent fees (Note 1)	128,112
Legal fees	91,186
Trustees’ fees	76,318
Registration fees	69,642
Shareholder reports	64,175
Fund accounting fees	58,903
Audit and tax fees	23,661
Custody fees	21,062
Commitment fees (Note 9)	14,736
Insurance	12,438
Fees recaptured by investment manager (Note 2)	378
Miscellaneous expenses	12,255
Total Expenses	19,587,302
Less: Fee waivers and/or expense reimbursements (Notes 2 and 5)	(117,090 )
Net Expenses	19,470,212
Net Investment Income	13,389,171
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1 and 3):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	140,555,320
Foreign currency transactions	(14,755 )
Net Realized Gain	140,540,565
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	331,047,866
Foreign currencies	16,019
Change in Net Unrealized Appreciation (Depreciation)	331,063,885
Net Gain on Investments and Foreign Currency Transactions	471,604,450
Increase in Net Assets From Operations	$484,993,621

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Statements of Changes in Net Assets

For the Six Months Ended April 30, 2026 (unaudited) and the Year Ended October 31, 2025	2026	2025
Operations:
Net investment income	$13,389,171	$33,614,880
Net realized gain	140,540,565	343,996,536
Change in net unrealized appreciation (depreciation)	331,063,885	(130,326,570 )
Increase in Net Assets From Operations	484,993,621	247,284,846
Distributions to Shareholders From (Notes 1 and 6):
Total distributable earnings	(373,610,414 )	(372,388,431 )
Decrease in Net Assets From Distributions to Shareholders	(373,610,414 )	(372,388,431 )
Fund Share Transactions (Note 7):
Net proceeds from sale of shares	92,392,701	213,071,146
Reinvestment of distributions	365,094,298	363,766,486
Cost of shares repurchased	(286,355,554 )	(532,582,646 )
Increase in Net Assets From Fund Share Transactions	171,131,445	44,254,986
Increase (Decrease) in Net Assets	282,514,652	(80,848,599 )
Net Assets:
Beginning of period	3,887,957,111	3,968,805,710
End of period	$4,170,471,763	$3,887,957,111

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Financial Highlights

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class A Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$101.42	$105.03	$89.36	$90.84	$116.60	$78.55
Income (loss) from operations:
Net investment income	0.32	0.83	1.05	0.74	0.74	0.77
Net realized and unrealized gain (loss)	11.86	5.78	26.06	5.04	(8.56 )	43.15
Total income (loss) from operations	12.18	6.61	27.11	5.78	(7.82)	43.92
Less distributions from:
Net investment income	(1.37 )	(0.82 )	(1.40 )	(1.05 )	(0.83 )	(0.83 )
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	(17.11 )	(5.04 )
Total distributions	(10.14 )	(10.22 )	(11.44 )	(7.26 )	(17.94 )	(5.87 )
Net asset value, end of period	$103.46	$101.42	$105.03	$89.36	$90.84	$116.60
Total return3	12.85 %	6.59 %4	32.79 %	6.52 %	(7.22 )%	57.96 %
Net assets, end of period (millions)	$3,577	$3,329	$3,386	$1,430	$1,411	$1,631
Ratios to average net assets:
Gross expenses	1.02 %5,6	1.04 %4	1.03 %6	1.03 %6	1.04 %	1.04 %
Net expenses7,8	1.02 5,6	1.01 4	1.03 6	1.01 6	1.03	1.03
Net investment income	0.66 5	0.85 4	1.08	0.82	0.78	0.73
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %	54 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	Performance figures, exclusive of sales charges, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Ratios and total return for the year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 1.03%, 1.01% and 0.85%, respectively, and total return based on NAV would have been 6.60%.
5	Annualized, except for non-recurring income and expense items, if any.
6	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 1.02% and 1.01%, respectively, for the six months ended April 30, 2026, would have not changed for the year ended October 31, 2024, and would have been 1.02% and 1.00%, respectively, for the year ended October 31, 2023.
7	As a result of an expense limitation arrangement, effective April 1, 2024, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A shares did not exceed 1.01%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 1, 2024, the expense limitation was 1.15%.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class C Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$97.73	$101.47	$86.47	$88.03	$113.37	$76.48
Income (loss) from operations:
Net investment income (loss)	(0.01 )	0.15	0.42	0.09	0.06	0.03
Net realized and unrealized gain (loss)	11.43	5.55	25.16	4.89	(8.29 )	42.07
Total income (loss) from operations	11.42	5.70	25.58	4.98	(8.23)	42.10
Less distributions from:
Net investment income	(0.64 )	(0.04 )	(0.54 )	(0.33 )	—	(0.17 )
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	(17.11 )	(5.04 )
Total distributions	(9.41 )	(9.44 )	(10.58 )	(6.54 )	(17.11 )	(5.21 )
Net asset value, end of period	$99.74	$97.73	$101.47	$86.47	$88.03	$113.37
Total return3	12.47 %	5.84 %4	31.83 %	5.75 %	(7.84 )%	56.85 %
Net assets, end of period (000s)	$42,319	$44,643	$52,052	$51,501	$72,411	$99,285
Ratios to average net assets:
Gross expenses	1.71 %5,6	1.71 %4	1.75 %6	1.75 %6	1.75 %	1.75 %
Net expenses7,8	1.71 5,6	1.71 4	1.74 6	1.73 6	1.74	1.73
Net investment income (loss)	(0.02 )5	0.16 4	0.45	0.10	0.07	0.03
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %	54 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	Performance figures, exclusive of CDSC, may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Ratios and total return for the year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 1.71%, 1.70% and 0.16%, respectively, and total return based on NAV would have been 5.85%.
5	Annualized, except for non-recurring income and expense items, if any.
6	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 1.70% and 1.70%, respectively, for the six months ended April 30, 2026, 1.74% and 1.74%, respectively, for the year ended October 31, 2024, and would have not changed for the year ended October 31, 2023.
7	As a result of an expense limitation arrangement, effective April 1, 2024, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class C shares did not exceed 1.74%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 1, 2024, the expense limitation was 1.90%.
8	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class FI Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$126.63	$128.52	$106.95	$107.30	$134.24	$89.63
Income (loss) from operations:
Net investment income	0.36	0.88	1.17	0.74	0.74	0.76
Net realized and unrealized gain (loss)	15.01	7.13	31.59	5.96	(9.96 )	49.51
Total income (loss) from operations	15.37	8.01	32.76	6.70	(9.22)	50.27
Less distributions from:
Net investment income	(1.11 )	(0.50 )	(1.15 )	(0.84 )	(0.61 )	(0.62 )
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	(17.11 )	(5.04 )
Total distributions	(9.88 )	(9.90 )	(11.19 )	(7.05 )	(17.72 )	(5.66 )
Net asset value, end of period	$132.12	$126.63	$128.52	$106.95	$107.30	$134.24
Total return3	12.80 %	6.47 %4	32.59 %	6.36 %	(7.31 )%	57.81 %
Net assets, end of period (000s)	$9,409	$9,303	$9,654	$8,004	$9,463	$11,408
Ratios to average net assets:
Gross expenses	1.12 %5,6,7	1.14 %4,7	1.16 %6	1.18 %6,7	1.24 %	1.14 %
Net expenses8,9	1.11 5,6,7	1.14 4,7	1.15 6	1.16 6,7	1.15	1.13
Net investment income	0.58 5	0.72 4	0.99	0.68	0.66	0.63
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %	54 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Ratios and total return for the year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 1.14%, 1.14% and 0.72%, respectively, and total return based on NAV would have been 6.47%.
5	Annualized, except for non-recurring income and expense items, if any.
6	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 1.11% and 1.11%, respectively, for the six months ended April 30, 2026, 1.15% and 1.14%, respectively, for the year ended October 31, 2024, and 1.17% and 1.15%, respectively, for the year ended October 31, 2023.
7	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
8	As a result of an expense limitation arrangement, effective April 1, 2024, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class FI shares did not exceed 1.14%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 1, 2024, the expense limitation was 1.15%.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class R Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$124.40	$126.56	$105.04	$105.33	$132.01	$88.37
Income (loss) from operations:
Net investment income	0.22	0.63	1.05	0.45	0.44	0.43
Net realized and unrealized gain (loss)	14.77	7.00	31.02	5.86	(9.77 )	48.78
Total income (loss) from operations	14.99	7.63	32.07	6.31	(9.33)	49.21
Less distributions from:
Net investment income	(0.87 )	(0.39 )	(0.51 )	(0.39 )	(0.24 )	(0.53 )
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	(17.11 )	(5.04 )
Total distributions	(9.64 )	(9.79 )	(10.55 )	(6.60 )	(17.35 )	(5.57 )
Net asset value, end of period	$129.75	$124.40	$126.56	$105.04	$105.33	$132.01
Total return3	12.69 %	6.24 %4	32.42 %	6.09 %	(7.52 )%	57.37 %
Net assets, end of period (000s)	$4,556	$3,979	$4,455	$4,871	$6,034	$8,894
Ratios to average net assets:
Gross expenses	1.32 %5,6	1.34 %4	1.29 %6	1.42 %6,7	1.41 %7	1.41 %
Net expenses8,9	1.32 5,6	1.34 4	1.28 6	1.40 6,7	1.40 7	1.40
Net investment income	0.36 5	0.53 4	0.90	0.42	0.40	0.36
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %	54 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Ratios and total return for year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 1.34%, 1.34% and 0.53%, respectively, and total return based on NAV would have been 6.25%.
5	Annualized, except for non-recurring income and expense items, if any.
6	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 1.31% and 1.31%, respectively, for the six months ended April 30, 2026, 1.28% and 1.28%, respectively, for the year ended October 31, 2024, and 1.41% and 1.39%, respectively, for the year ended October 31, 2023.
7	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
8	As a result of an expense limitation arrangement, effective April 1, 2024, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class R shares did not exceed 1.39%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 1, 2024, the expense limitation was 1.40%.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Financial Highlights (cont’d)

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class I Shares1	20262	2025	2024	2023	2022	2021
Net asset value, beginning of period	$133.52	$134.96	$111.84	$111.90	$139.30	$92.83
Income (loss) from operations:
Net investment income	0.60	1.40	1.70	1.19	1.20	1.24
Net realized and unrealized gain (loss)	15.87	7.51	33.06	6.22	(10.37 )	51.25
Total income (loss) from operations	16.47	8.91	34.76	7.41	(9.17)	52.49
Less distributions from:
Net investment income	(1.58 )	(0.95 )	(1.60 )	(1.26 )	(1.12 )	(0.98 )
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	(17.11 )	(5.04 )
Total distributions	(10.35 )	(10.35 )	(11.64 )	(7.47 )	(18.23 )	(6.02 )
Net asset value, end of period	$139.64	$133.52	$134.96	$111.84	$111.90	$139.30
Total return3	13.00 %	6.86 %4	33.08 %	6.77 %	(6.98 )%	58.34 %
Net assets, end of period (millions)	$490	$461	$494	$363	$354	$412
Ratios to average net assets:
Gross expenses	0.76 %5,6	0.76 %4	0.79 %6	0.80 %6	0.80 %	0.80 %7
Net expenses8,9	0.76 5,6	0.76 4	0.79 6	0.78 6	0.79	0.79 7
Net investment income	0.92 5	1.10 4	1.36	1.05	1.03	0.98
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %	54 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
4	Ratios and total return for the year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 0.76%, 0.76% and 1.10%, respectively, and total return based on NAV would have been 6.86%.
5	Annualized, except for non-recurring income and expense items, if any.
6	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 0.75% and 0.75%, respectively, for the six months ended April 30, 2026, 0.79% and 0.78%, respectively, for the year ended October 31, 2024, and 0.79% and 0.77%, respectively, for the year ended October 31, 2023.
7	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
8	As a result of an expense limitation arrangement, effective April 1, 2024, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class I shares did not exceed 0.79%. This expense limitation arrangement cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. Prior to April 1, 2024, the expense limitation was 0.80%.
9	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

For a share of each class of beneficial interest outstanding throughout each year ended October 31, unless otherwise noted:
Class IS Shares1	20262	2025	2024	2023	20223
Net asset value, beginning of period	$133.60	$135.02	$111.87	$111.95	$117.11
Income (loss) from operations:
Net investment income	0.66	1.48	1.46	1.26	0.20
Net realized and unrealized gain (loss)	15.86	7.56	33.42	6.24	(5.36 )
Total income (loss) from operations	16.52	9.04	34.88	7.50	(5.16)
Less distributions from:
Net investment income	(1.71 )	(1.06 )	(1.69 )	(1.37 )	—
Net realized gains	(8.77 )	(9.40 )	(10.04 )	(6.21 )	—
Total distributions	(10.48 )	(10.46 )	(11.73 )	(7.58 )	—
Net asset value, end of period	$139.64	$133.60	$135.02	$111.87	$111.95
Total return4	13.05 %	6.96 %5	33.20 %	6.85 %	(4.41 )%
Net assets, end of period (000s)	$46,708	$40,401	$22,180	$1,537	$1,136
Ratios to average net assets:
Gross expenses	0.67 %6,7	0.68 %5,8	0.70 %7	0.73 %7	0.71 %9
Net expenses10,11	0.67 6,7	0.68 5,8	0.70 7	0.70 7	0.70 9
Net investment income	1.01 6	1.16 5	1.16	1.11	0.49 9
Portfolio turnover rate	24 %	53 %	54 %	60 %	52 %12

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended April 30, 2026 (unaudited).
3	For the period June 3, 2022 (inception date) to October 31, 2022.
4	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
5	Ratios and total return for the year ended October 31, 2025, include certain non-recurring fees incurred by the Fund during the year. Without these fees, the gross and net expense ratios and the net investment income ratio would have been 0.68%, 0.67% and 1.16%, respectively, and total return based on NAV would have been 6.96%.
6	Annualized, except for non-recurring income and expense items, if any.
7	Included in the expense ratios are certain non-recurring European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 0.66% and 0.66%, respectively, for the six months ended April 30, 2026, and would have not been changed for the years ended October 31, 2024 and 2023.
8	Reflects recapture of fees waived and/or expenses reimbursed from prior fiscal years.
9	Annualized.
10	As a result of an expense limitation arrangement, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class IS shares did not exceed 0.70%. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board of Trustees’ consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
11	Reflects fee waivers and/or expense reimbursements.
12	For the year ended October 31, 2022.

See Notes to Financial Statements.

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited)

1. Organization and significant accounting policies

ClearBridge Value Fund (the “Fund”) is a separate diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the adviser to be unreliable, the market price may be determined by the adviser using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”). This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

ClearBridge Value Fund 2026 Semi-Annual Report

Pursuant to policies adopted by the Board, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s adviser and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)*	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Common Stocks:
Industrials	$380,536,000	$163,765,210	—	$544,301,210
Other Common Stocks	3,600,794,862	—	—	3,600,794,862
Total Long-Term Investments	3,981,330,862	163,765,210	—	4,145,096,072
Short-Term Investments†	31,861,344	—	—	31,861,344
Total Investments	$4,013,192,206	$163,765,210	—	$4,176,957,416

*	As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.
†	See Schedule of Investments for additional detailed categorizations.

(b) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

ClearBridge Value Fund 2026 Semi-Annual Report

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(c) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(e) Return of capital estimates. Distributions received from the Fund’s investments in certain securities, most notably Master Limited Partnerships (“MLPs”) and Real Estate Investment Trusts (“REITs”), generally are comprised of income, realized gains and/or return of capital. The Fund records investment income, realized capital gains and return of capital based on estimates made at the time such distributions are received. Such estimates are

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

based on historical information available from each issuer and other industry sources. These estimates may subsequently be revised based on information received from the issuers after their tax reporting periods are concluded.

(f) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(g) Share class accounting. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

(h) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of October 31, 2025, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“EU reclaims”). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaim contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For

ClearBridge Value Fund 2026 Semi-Annual Report

U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

(i) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager and ClearBridge Investments, LLC (“ClearBridge”) is the Fund’s subadviser. Western Asset Management Company, LLC (“Western Asset”) manages the portion of the Fund’s cash and short-term instruments allocated to it. FTFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

Average Daily Net Assets	Annual Rate
First $1 billion	0.700 %
Next $1 billion	0.680
Next $500 million	0.650
Next $1 billion	0.600
Over $3.5 billion	0.500

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund, except for the management of the portion of the Fund’s cash and short-term instruments allocated to Western Asset. For its services, FTFA pays ClearBridge a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. For Western Asset’s services to the Fund, FTFA pays Western Asset monthly 0.02% of the portion of the Fund’s average daily net assets that are allocated to Western Asset by FTFA.

As a result of expense limitation arrangements between the Fund and FTFA, the ratio of total annual fund operating expenses, other than interest, brokerage commissions, dividend expense on short sales, taxes, extraordinary expenses and acquired fund fees and expenses, to average net assets of Class A, Class C, Class FI, Class R, Class I and Class IS shares did not exceed 1.01%, 1.74%, 1.14%, 1.39%, 0.79% and 0.70%, respectively. In addition, the ratio of total annual fund operating expenses for Class IS shares did not exceed the ratio of total annual fund operating expenses for Class I shares. These expense limitation arrangements cannot be terminated prior to December 31, 2027 without the Board’s consent. In addition, the manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

investment in an affiliated money market fund (the “affiliated money market fund waiver”). The affiliated money market fund waiver is not subject to the recapture provision discussed below.
During the six months ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $117,090, which included an affiliated money market fund waiver of $11,034.

FTFA is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which FTFA earned the fee or incurred the expense if the class’ total annual fund operating expenses have fallen to a level below the expense limitation (“expense cap”) in effect at the time the fees were earned or the expenses incurred. In no case will FTFA recapture any amount that would result, on any particular business day of the Fund, in the class’ total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at April 30, 2026, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by FTFA and respective dates of expiration as follows:

	Class A	Class C	Class FI	Class R	Class I	Class IS
Expires October 31, 2026	$165,203	$7,263	$972	$561	$40,625	$126
Expires October 31, 2027	—	—	—	—	—	—
Expires October 31, 2028	833,297	—	—	—	—	—
Expires October 31, 2029	106,056	—	—	—	—	—
Total fee waivers/expense reimbursements subject to recapture	$1,104,556	$7,263	$972	$561	$40,625	$126

For the six months ended April 30, 2026, fee waivers and/or expense reimbursements recaptured by FTFA were as follows:

	Class FI
FTFA recaptured	$378

Franklin Distributors, LLC (“Franklin Distributors”) serves as the Fund’s sole and exclusive distributor. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources. Franklin Templeton Investor Services, LLC (“Investor Services”) serves as the Fund’s shareholder servicing agent and acts as the Fund’s transfer agent and dividend-paying agent. Investor Services is an indirect, wholly-owned subsidiary of Franklin Resources. Each class of shares of the Fund pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations. Investor Services charges account-based fees based on the number of individual shareholder accounts, as well as a fixed percentage fee based on the total account-based fees charged. In addition, each class reimburses Investor Services for out of pocket expenses incurred. For the six months ended April 30, 2026, the Fund incurred transfer agent fees as reported on the Statement of Operations, of which $87,442 was earned by Investor Services.

ClearBridge Value Fund 2026 Semi-Annual Report

There is a maximum initial sales charge of 5.50% for Class A shares. There is a contingent deferred sales charge (“CDSC”) of 0.95% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applies to those purchases of Class A shares, which, when combined with current holdings of other shares of funds sold by Franklin Distributors, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For the six months ended April 30, 2026, sales charges retained by and CDSCs paid to Franklin Distributors and its affiliates, if any, were as follows:

	Class A	Class C
Sales charges	$103,692	—
CDSCs	6,720	$1,624

Under a Deferred Compensation Plan (the “Plan”), Trustees may have elected to defer receipt of all or a specified portion of their compensation. A participating Trustee selected one or more funds managed by FTFA or an affiliate of FTFA in which his or her deferred trustee’s fees were deemed to be invested. Deferred amounts remain in the Fund until distributed in accordance with the Plan. In May 2015, the Board approved an amendment to the Plan so that effective January 1, 2016, no compensation earned after that date may be deferred under the Plan.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the six months ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$928,047,006
Sales	1,114,024,088

At April 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$2,995,695,711	$1,337,846,899	$(156,585,194)	$1,181,261,705

4. Derivative instruments and hedging activities

During the six months ended April 30, 2026, the Fund did not invest in derivative instruments.

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

5. Class specific expenses, waivers and/or expense reimbursements

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 0.95%, 0.25% and 0.50% of the average daily net assets of each class, respectively. Service and/or distribution fees are accrued daily and paid monthly.

For the six months ended April 30, 2026, class specific expenses were as follows:

	Service and/or Distribution Fees	Transfer Agent Fees
Class A	$4,216,001	$1,748,495
Class C	200,744	19,269
Class FI	11,776	8,853
Class R	10,352	3,047
Class I	—	211,870
Class IS	—	115
Total	$4,438,873	$1,991,649

For the six months ended April 30, 2026, waivers and/or expense reimbursements by class were as follows:

	Waivers/Expense Reimbursements
Class A	$115,517
Class C	119
Class FI	26
Class R	12
Class I	1,296
Class IS	120
Total	$117,090

6. Distributions to shareholders by class

	Six Months Ended April 30, 2026	Year Ended October 31, 2025
Net Investment Income:
Class A	$44,625,324	$26,272,257
Class C	281,932	20,032
Class FI	79,332	38,206
Class R	27,691	13,537
Class I	5,368,815	3,465,220
Class IS	532,143	190,760
Total	$50,915,237	$30,000,012

ClearBridge Value Fund 2026 Semi-Annual Report

	Six Months Ended April 30, 2026	Year Ended October 31, 2025
Net Realized Gains:
Class A	$285,403,259	$300,685,475
Class C	3,872,966	4,735,899
Class FI	626,410	719,289
Class R	280,367	327,402
Class I	29,784,063	34,234,251
Class IS	2,728,112	1,686,103
Total	$322,695,177	$342,388,419

7. Shares of beneficial interest

At April 30, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. The Fund has the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares.

Transactions in shares of each class were as follows:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares	Amount	Shares	Amount
Class A
Shares sold	608,190	$59,793,061	1,285,880	$125,480,302
Shares issued on reinvestment	3,388,362	323,012,596	3,252,217	319,725,489
Shares repurchased	(2,239,848 )	(219,739,153 )	(3,958,170 )	(386,011,459 )
Net increase	1,756,704	$163,066,504	579,927	$59,194,332
Class C
Shares sold	18,614	$1,768,322	51,301	$4,830,344
Shares issued on reinvestment	44,959	4,142,537	49,459	4,714,420
Shares repurchased	(96,046 )	(9,091,066 )	(156,968 )	(14,817,026 )
Net decrease	(32,473 )	$(3,180,207 )	(56,208 )	$(5,272,262 )
Class FI
Shares sold	10,624	$1,317,774	8,020	$1,004,118
Shares issued on reinvestment	5,780	703,855	6,149	755,599
Shares repurchased	(18,655 )	(2,297,244 )	(15,815 )	(1,867,431 )
Net decrease	(2,251 )	$(275,615 )	(1,646 )	$(107,714 )
Class R
Shares sold	1,227	$152,203	2,071	$246,291
Shares issued on reinvestment	2,574	308,058	2,819	340,939
Shares repurchased	(671 )	(82,321 )	(8,103 )	(968,416 )
Net increase (decrease)	3,130	$377,940	(3,213 )	$(381,186 )

ClearBridge Value Fund 2026 Semi-Annual Report

Notes to Financial Statements (unaudited) (cont’d)

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares	Amount	Shares	Amount
Class I
Shares sold	178,404	$23,522,813	464,210	$59,494,769
Shares issued on reinvestment	261,922	33,667,444	281,484	36,353,623
Shares repurchased	(381,305 )	(50,259,207 )	(955,302 )	(122,728,202 )
Net increase (decrease)	59,021	$6,931,050	(209,608 )	$(26,879,810 )
Class IS
Shares sold	44,096	$5,838,528	172,121	$22,015,322
Shares issued on reinvestment	25,368	3,259,808	14,533	1,876,416
Shares repurchased	(37,395 )	(4,886,563 )	(48,507 )	(6,190,112 )
Net increase	32,069	$4,211,773	138,147	$17,701,626

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended April 30, 2026. The following transactions were effected in such company for the six months ended April 30, 2026.

	Affiliate Value at October 31, 2025	Purchased		Sold
	Affiliate Value at October 31, 2025	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	$11,825,917	$236,663,718	236,663,718	$232,558,963	232,558,963

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at April 30, 2026
Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares	—	$339,095	—	$15,930,672

9. Redemption facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or

ClearBridge Value Fund 2026 Semi-Annual Report

unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the six months ended April 30, 2026.

10. Operating segments

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund’s investment manager serves as the Chief Operating Decision Maker (“CODM”) and is responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

ClearBridge Value Fund 2026 Semi-Annual Report

ClearBridge

Value Fund

Trustees

Andrew L. Breech

Stephen R. Gross

Susan M. Heilbron

Arnold L. Lehman

Robin J. W. Masters

G. Peter O’Brien
Chair

Thomas F. Schlafly

Jane Trust

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadviser

ClearBridge Investments, LLC

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

Franklin Templeton Investor
Services, LLC
3344 Quality Drive
Rancho Cordova, CA 95670-7313

Independent registered public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

ClearBridge Value Fund

The Fund is a separate investment series of Legg Mason Global Asset Management Trust, a Maryland statutory trust.

ClearBridge Value Fund
Legg Mason Funds
One Madison Avenue, 17th Floor
New York, NY 10010

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 877-6LM-FUND/656-3863.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 877-6LM-FUND/656-3863, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of ClearBridge Value Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Refer to the financial statements included herein.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

Schedule of Investments	1
Statement of Assets and Liabilities	6
Statement of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	16
Changes in and Disagreements with Accountants	28
Results of Meeting(s) of Shareholders	28
Remuneration Paid to Directors, Officers and Others	28

Abbreviation(s) used in this schedule:
ADR	—	American Depositary Receipts

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:	June 24, 2026

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:	June 24, 2026